There is a lot of discussion about blockchain and how it will transform the world. Many people still don’t understand the Blockchain and its workings.
One thing is certain: the Blockchain will not be going away. This creates new job opportunities in the future. This blog post will discuss the many benefits of working within the Blockchain industry as well as some of the high-demand jobs in the future.
If you are interested in a career in this fascinating field, continue reading.
Blockchain for those who don’t yet know.
What is Blockchain and How is it used?
Blockchain is a decentralized immutable ledger that records economic transactions. It cannot be hacked or corrupted. It is still changing the world because of its almost infinite potential for good and evil.
Blockchain technology can be used to secure our identities, decentralize the internet, and host immutable data sets. Cryptocurrency is the most common use of blockchain technology at present. Cryptocurrency, a new digital asset that uses cryptography for secure transactions, is called cryptocurrency. There are many cryptocurrencies available, but the most widely used are Ethereum and Bitcoin.
Also read: A Beginner’s Guide to Blockchain Development
When discussing job opportunities we tend to think about creating new jobs and not necessarily ending existing ones. There are many job opportunities that could be lost with the advent of blockchain technology.
Lawyers, Accountants, Bankers
These intermediaries include lawyers, accountants, and bankers, who were previously required to keep records and validate transactions between people or organizations. The validation process is time-consuming and expensive, which results in higher transaction costs for both consumers and businesses.
Keep a record
Blockchains will make all of these recordkeepers obsolete. At least, that’s the theory. Because they might not be necessary when dealing with other users of the same network. To validate a transaction, simply enter your password and hit submit. That’s it!
But, what about the job loss?
It’s not as bad as you might think. Blockchain technology will open up new employment avenues.
This is true for any technological advancement. However, documented cases show that the fears of automation and job loss due to technology are only temporary.
Are ATMs a replacement for bank tellers?
According to Benzinga, this was the case with ATMs which were supposed to replace bank tellers. Once people became more comfortable with ATMs, they began to place more machines outside of branch offices. This allowed them to hire more staff to provide customer service (answering withdrawal questions, etc.). ).
It is possible that similar things could occur when blockchain technology makes its way into the mainstream. Big companies might allow users to transact on the network without the need for intermediaries, and then slowly validate these transactions. This could lead to more opportunities for those who are able to provide customer support (i.e. people who work at any of the offices of any blockchain company, Circle, Coinbase, or otherwise).
As with all technological advances, there are high chances that some risk-taking will lead to successful startups that will leverage the potential of blockchain technology to create value for their customers.
The New Digital Business Model
While these companies might not be involved in financial transactions, they can create new business models using digital technology. The current trend in peer-to-peer markets has seen online retailers eliminate middlemen who are responsible for curating products.
What does it mean to be a middle person?
The likes of Etsy, Kickstarter, and Airbnb are already doing well without middlemen. It may take some time for this to happen, as blockchain technology is not yet mainstream. It will take some time for it to become widespread enough to replace existing business models. However, there will be fewer job losses than manual labor. Its potential to transform existing business models and create new ones is undisputed.
What will these new BlockChain jobs look like?
It will be fascinating to see the new jobs that blockchain technology creates. Consider other technological advancements like Cloud Computing, Artificial Intelligence, and 3D Printing. There are specific roles that have been created that were not available before.
The Best Jobs for Blockchain Lovers:
It’s possible that blockchain technology will lead to similar job opportunities in the future. Here they are:
1. Blockchain Expert
This job is one of the most sought-after jobs in the world right now, as there aren’t enough people who can understand and use this technology.
2. Specialist in Regulatory Compliance
As stated above, blockchain technology would eliminate banks if it became mainstream. These people would not be needed to work in compliance sections banks, as they play a vital role in preventing money laundering and fraud. Employees of traditional financial institutions will need to move over to blockchain technology as it is safer, but this will be done gradually.
However, financial transaction organizations are still required to have regulatory compliance specialists. This means that there may be new job opportunities.
3. Public speaker
Blockchain is dominating the tech world, and you can be a part of it if you are able to see its true potential. Then you will need to be able to communicate your knowledge about technology to others. If you are interested in contributing to the blockchain field, you might consider becoming a trainer, public speaker, or evangelist.
The story of Bitcoins reaching $60,000. was last year’s biggest news. It is safe to assume that there will be more stories like this one and others, which will lead to more people becoming interested in Blockchain technology.
Consistent coverage by journalists is essential to keep track of all developments in blockchains. nad who are experts in Blockchain and can present any information effectively.
5. Cryptocurrency trader/exchange operator
Many people are speculating about whether or not cryptocurrencies, such as Bitcoin, will be around for the foreseeable future. One thing is certain: there will always be a demand for cryptocurrencies. As more people use cryptocurrency daily, this could lead to new job opportunities in this sector.
6. Blockchain Developer
Although blockchain programming can be learned quickly, it is not something you can do overnight. There will be a lot of demand for blockchain developers with previous experience, as more companies look into using blockchain technology to power their business processes.
7. Cybersecurity Specialist
Blockchains, as mentioned, is the most secure technology currently available. This means that they don’t require any cyber security on your part. Once data has been entered into the decentralized network it can’t be hacked. However, making blockchains more secure in the future is part of maintaining their overall health. This opens up new opportunities for job seekers in this sector.
8. Cryptocurrency researcher
The cryptocurrency market is growing every day. This means that people need to understand how they work and what drives their growth. This job would suit people with an economic or finance background because they have a better understanding of how cryptocurrency markets work.
9. Consulting for Businesses
Consultants who can help companies harness the power and potential of blockchain technology to improve services are always needed. You can also become a business consultant if you have the right knowledge.
10. Software Engineer
Software engineers are required to create the code necessary for new blockchain-based businesses such as banks and telecommunications companies.
Also read: Why Blockchain Skills are On Demand In 2022
11. Legal & Compliance Specialist
As we mentioned, financial institutions need employees that can help them comply with all laws and regulations. There may be a demand for people who are skilled in this area.
12. Tax professionals
You should have knowledge of cryptocurrencies. Why not apply to the tax department at any company dealing with blockchains. Of course, this means they will need experts who know how to deal with cryptocurrency-related issues, which is why experienced tax professionals may consider working these consultant-type jobs.
The same as traditional businesses, blockchain-related businesses also need lawyers. Because more and more companies are using blockchains to manage processes, lawyers will be needed to help them create contracts.
Bitcoin and Blockchain Relation
Satoshi Nakamoto invented Bitcoin, a cryptocurrency that can be used to pay for goods and services. Network nodes verify transactions by cryptography and record them in a distributed public ledger called a blockchain “Bitcoin is unique because there are only 21 million of them,” Mike Lear explains in Bitcoin.
Satoshi Nakamoto was the creator of bitcoin. He assumed that people would discover or “mine” a certain number of transactions per day.
Bitcoin has been the pioneer of the cryptocurrency revolution since its 2009 launch. Crypto is not just for the financial sector. The cryptocurrency market is bigger than ever, with more than 1,300 cryptocurrencies in circulation and a market capital of approximately $280 billion.
Bitcoin is still the market leader in terms of value (and market share — we’ll get there in a moment), but new coins are challenging its dominance. Bitcoin is the gold standard but new coins threaten to overtake it.
This being said, the field will have many job opportunities. You should therefore consider joining the Blockchain train. This way, even if one aspect of Blockchain does not work out, there is still a bright future with another option.